Buying your home now could save you thousands.
With changes in interest rates, home prices and low real estate inventory, buyers continue to find it challenging to find a home.
However, with lower home prices this is a good time for you to look at your options. Even with higher interest rates buying your home now could save you thousands of dollars on the purchase price and interest payments.
I recently worked with a client on the purchase of a new home. They had less than 20% down payment. The home had dropped in price by about 20% from the beginning of 2022 till the end of the year.
This reduced the down payment they needed and the cost of the CMHC insurance premium.
Even with the higher interest rate they saved over $250 on the monthly mortgage payment.
The balance on the mortgage was $140,000 less than it would have been if they purchased a year earlier!
These savings can be life changing regardless of the stage in your life – if you are a young couple, growing family or ready to retire.
Reach out to your independent mortgage planner to review your options. If you have an existing mortgage up for maturity, don’t lock into anything without talking with your mortgage planner.
This is an important time to review your situation, make an informed decision and be very clear on what is best for you.
Buying your home now could save you thousands of dollars
Reach out so we can review your specific situation and options – email@example.com